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BUSINESS ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 26, 2021
Business Combinations [Abstract] |
Fair Values for Assets Acquired and Liabilities Assumed | The fair values recorded for the assets acquired and liabilities assumed for PPL are as follows (in thousands):
Cash and cash equivalents | $ | 6,854 |
Trade accounts and other receivables | 146,423 |
Inventories | 104,211 |
Prepaid expenses and other current assets | 6,579 |
Operating lease assets | 5,613 |
Property, plant and equipment | 329,711 |
Identified intangible assets | 40,418 |
Other assets | 14,647 |
Total assets acquired | 654,456 |
Accounts payable | 110,296 |
Other current liabilities | 55,830 |
Operating lease liabilities | 5,613 |
Deferred tax liabilities | 16,804 |
Pension obligations | 18,435 |
Other long-term liabilities | 1,056 |
Total liabilities assumed | 208,034 |
Total identifiable net assets | 446,422 |
Gain on bargain purchase | (53,134) |
Total consideration transferred | $ | 393,288 |
Pro Forma Information | The following unaudited pro forma information presents the combined financial results for the Company and PFM as if the acquisition had been completed at the beginning of 2020:
| 2021 |  | 2020
| (In thousands, except per share amounts)
Net sales | $ | 15,442,724 |  |  | $ | 13,023,345 |
Net income (loss) attributable to Pilgrim's Pride Corporation | 19,519 |  |  | 104,607 |
Net income (loss) attributable to Pilgrim's Pride Corporation per common share - diluted | $ | 0.08 |  |  | $ | 0.43 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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